Undisclosed Turnover Addition Reduced as ITAT Estimates Profit at 2.5% Instead of 8%

Niranjan Lal Jindal Vs ITO (ITAT Kolkata) The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeal filed by the assessee for AY 2017-18 and reduced the estimated profit rate on undisclosed turnover from 8% to 2.5%. The assessee was engaged in the business of jute bags. During the proceedings, it was submitted that the assessee had disclosed turnover of Rs.6,21,06,328 under the name “Jindal Supply Company.” However, the assessee was also carrying on another business under the name “Goel Agro Business,” having turnover of Rs.12,69,82,201, which had remained...